Imperial Capital maintained an Outperform rating on Par Petroleum (NYSE: PARR), and cut the price target to $25.00 (from $30.00), following a review of the company's 4Q. PARR guided to refinery throughput and, “on-island” sales targets that were roughly consistent with expectations. However, the company cited $5-10mn in maintenance expenses associated with a planned refinery turnaround in 3Q16 that was a bit larger than original forecasts.

Analyst Scott Levine commented, "We are maintaining our Outperform rating on PARR shares and are lowering our price target to $25 from $30. Our price target is approximately 27% above the recent share price. We think PARR’s integrated Hawaiian energy platform provides a healthy foundation for management to build upon, with upside potentially to come from 1) accretive M&A, or 2) leverage to an intermediate-term recovery in natural gas prices. Our price target is driven by our sum-of-the-parts valuation framework, which utilizes different assumptions for PARR’s 1) Hawaiian energy operations, 2) E&P interests, and 3) net operating loss (NOL) carry-forwards."

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Shares of Par Petroleum closed at $19.70 yesterday.